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Brief Exercise 8-6 Marigold Company uses a periodic inventory system. For April, when the company sold 470 units, the followi

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Last-in, first-out (LIFO) : In this method those goods are sold first which are purchased last ( i.e. recently ) and the ending inventory is from beginning inventory and earlier purchases.
Ending inventory units = Units available for sale - Units sold = 1000 - 470 530 units
Ending inventory = ( 290 * 18 ) + ( 240 * 22 ) 10500
Cost of goods sold = ( 310 * 23 ) + ( 160 * 22 )    10650
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